jlewis

Are most of you signing up to reserve and update to Windows 10, seems the update reminder is on PC every day? Anyone have any pros or cons? Currently using 7 and have no problems with any programs. Thanks for any input.

You are right I was getting hung up, but because I was trying to find out why Drake would do 3a automatically but not 3b. It didn't make sense that they had the info for both but would only do one. I understood what should be there, didn't understand why Drake had the info but would only do small part of whole picture. Thanks for your assistance.

Drake doesn't put anything from Sch A in 1116 line3b where ATX will input state/local income taxes, personal property tax, charity, any misc item deductions allowed, and 1040 AGI deductions (SE tax, SE health ins, SE retirement, alimony, etc.) Like I said earlier 1116 instructions very skimpy about line 3b, only example is alimony. I moved to Drake for 2014 & kept ATX PPR just in case, did same return in both, got same results except for way 1116 came out with Drake not automatically filling out 3b. I don't know which software in correct, from skimpy 1116 instructions. jklcpa, do you have any thoughts about what normally goes on line 3b from Sch A deductions?

I think by your posts you are currently using Drake and I have a question regarding form 1116 with Drake. 1116 instructions are pretty skimpy on what entries go on line 3b. ATX put medical (if any) & real estate taxes on 3a and basically rest of Sch A deductions on 3b with 1040 adjustments automatically. Drake does not seem to automatically fill in 3b, you have to use override screen for 3b entries with a schedule. Talked with Drake support this morning & appears they think 3b only includes something like alimony, only item mentioned in instructions. Would like to hear from other former ATXers comments using Drake their interpretation of what goes on form 1116 line 3b. Thanks for any responses

I think by your posts you are currently using Drake and I have a question regarding form 1116 with Drake. 1116 instructions are pretty skimpy on what entries go on line 3b. ATX put medical (if any) & real estate taxes on 3a and basically rest of Sch A deductions on 3b with 1040 adjustments automatically. Drake does not seem to automatically fill in 3b, you have to use override screen for 3b entries with a schedule. Talked with Drake support this morning & appears they think 3b only includes something like alimony, only item mentioned in instructions. Would like to hear from other former ATXers comments using Drake their interpretation of what goes on form 1116 line 3b. Thanks for any responses.

Curious as to how many of you extend credit for payment of returns, and under what circumstances. Maybe because they are a long time client, close friend or just ask you for additional time. If you were asked for additional time to pay, what would be your initial response? Any comments? Thanks

Has anyone had any success getting 50% penalty waived or reduced that resulted in failure to take out their RMD? I saw instructions on how to try for it, just wanted to know if it worked for anyone and what their "reasonable cause' may have been. Thanks for any input.

Found this link, not sure if it helps find your answer. My first time attempting to insert a link, hope it works. http://www.dvs.state.nm.us/benefits.html

Yesterday ATX posted version 14.6 available for download & I saw one post on their web site it was installed and then couldn't open return. Anyone else installed and had any problems?

Done, thanks to Eric and everyone for all the great information and discussions.

Using Drake and efiling amended 2014 1041 is ok, already amended, sitting there ready to send. Just don't know if sending before 4/15/15 creates confusion with IRS. Apparently ok to efile amended due to MeF system.

Maybe this article will help- Trader vs Investor.pdf

Bumped up, please give me some thoughts or suggestions. Thanks

Filed original 2014 1041 on 3/11/15, client received corrected broker statement & gave it to me this morning. I've amended but don't know if it causes problems to efile it so soon. How long, if any, should I wait to file? After 4/15/15? Any suggestions greatly appreciated. Thanks

From case I posted and reading JOA article above that cited a case that did not meet equitable owner criteria, a big factor was that the mortgage was non-recourse in addition to paying for everything. Just my take on it.

I will try to attach an interesting tax court case where there could be a distinction between a "legal" and "equitable" owner for mortgage interest deduction. There were several issues and the mortgage interest part discussion is on pages 4-8. USLU.TC Memo 1997-551.pdf

A webinar on this the speaker said he didn't see a problem with attaching 3115 with schedules to efiled return and he didn't find anything to the contrary. I'm torn between that method or using the 8453. A pdf attachment would be easier and more efficient in my mind. Any other thoughts?

Having to print page 1 of 3115 so I can manually write in "See Stmt" on line 1(a) to reflect 3 concurrent change numbers with other information I have on a a couple of schedules that I would be able to use with several clients instead of preparing 3 individual 3115's. Then page 1 would be signed, dated and scanned in with schedules to complete the form. Question-would scanning and attaching this form as pdf file to efile tax return satisfy requirement that the "original" is sent to IRS with return? When I look at it as an attachment in the return it is not as crisp & clear as an original, and is a scanned pdf signature original? Maybe, as has been mentioned before here, I am 'overthinking" the situation. Any comments appreciated, thanks.

cbslee-Thanks for your info, would you have a reference or cite to share?

Thanks for the references, this was a big help.

Sorry, meant heading to be "Form 3115-FY C-Corp"

C Corp with FY 7/1-6/30, what is 3115 filing with the tax return requirement - C Corp's year beginning 7/1/13 or 7/1/14? I haven't seen it addressed in Rev Proc's but in various publications it gives effective date as taxable years beginning after 1/1/14 for repair regs. Seems that new IRS notices are still flowing with 2015-13 &14? If its in the literature, I've missed it. Any info would be appreciated.

If you haven't already, you may want to use worksheet in IRS pub 590, appendix B to see if it comes out the same. Apparently one of the wrinkles involved is if covered by retirement plan and the worksheet itself is 3 pages to determine deductibility/taxability of soc sec benefits with IRA deduction. Just a thought.

Broker statement too big to attach as pdf to federal so deleted and fed/state went through ok. After acks received realized didn't have 8453 in transmitted return so opened form in return to print and mail with broker transactions. Now what needs to be done, file amended with omitted form, or wait to see if IRS corresponds or something else? Any suggestions appreciated.

One other thing worth mentioning If client has foreign tax paid, NC allows tax credit for taxes paid "to more than one state or country". Basically same info that would be on fed form 1116. Hope pdf below that refers to NC Gen Statutes 17 NCAC 06B.0607 works. NC Tx Credit.pdf